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Bitcoin ATMs to Shut Down in UK Following FCA Crackdown

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Bitcoin ATMs to Shut Down in UK Following FCA Crackdown

  • No UK firm selling crypto-currency services has a license to run a crypto-ATM.
  • Kevin O’Leary, a well-known investor is in favor of cryptocurrencies.

Financial Conduct Authority (FCA) has declared that bitcoin ATMs in the UK would be shut down, according to a BBC report. This is because no UK firm selling crypto-currency services has a license to run a crypto-ATM, according to the FCA.

The Financial Conduct Authority (FCA) noted:

“We regularly warn consumers that crypto assets are unregulated and high-risk, which means people are very unlikely to have any protection if things go wrong.”

Crypto Popularity and Adopters Surge

Despite the recent setback in the UK, cryptocurrencies are gaining popularity in other parts of the world. Steve Wozniak, a co-founder of Apple, referred to Bitcoin as “the only one that’s pure gold mathematics.” According to different media sources, the value of Bitcoin is expected to rise above $100,000. “Bitcoin is safe because it’s the big elephant on the block,” he stated on a television broadcast. Most of the other cryptocurrencies, he says, seem to be frauds, and he is skeptical of their use cases and scams; he further said, “I think it’s being used a lot these days to rip people off.”

Kevin O’Leary, a well-known investor, was another celebrity in favor of cryptocurrencies. Kevin, who also appeared on “Shark Tank”, claimed that one-fifth of his investment portfolio is invested in cryptocurrency and digital asset startups in an interview with CNBC. “I have millions of dollars. Twenty percent of my portfolio is now in cryptocurrencies and blockchain,” Kevin said. However, he also said he prefers to diversify his holdings and now has Ethereum, Solana, Helium, and Avalanche.

The post has appeared first on thenewscrypto.com

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